According to the most recent report from the Bureaus of Labor Statistics (BLS) more than 14 million people in the U.S. are self employed. The idea of firing your boss and being the master of your domain, is very appealing. However, with all the many self employment opportunities that exist, what are some of the most profitable and easiest to get into? We have compiled a top 5 list.

  1. Franchising – When it comes to risk vs. reward, franchising is definitely at the top of the list. Creating a new business from nothing can be overwhelming and risky. In recent years franchising has grown substantially. This is a great way to quickly grow a brand and take what has already been successful in one place and multiply it across multiple markets. For example, in the case of the health club industry, there are great franchise opportunities for those looking to own their fitness club / gym. This has become popular because the blueprint for success is provided to franchisees who follow the step by step plan for success.
  1. Consulting – If you have a specific talent, know-how, or skill that is beneficial to other businesses or people, consulting is a good option to consider. Problems or needs arise every day in our personal and professional lives, and this represents an opportunity for someone to help satisfy this business need. Consulting is a very broad term but we want to keep it that way because consulting could be for just about anything. Some consultants charged over $100 per hours for their time and expertise. This could be a very profitable business to get into.
  1. Event promotion – Clubs, concerts, and other types of events are in constant need of promotion. Self-employed promoters could make as high as $1,500 per night. There are no formal education requirements needed but you must have the right combination of skills and work experience that will be be a good fit for the event that is being promoted. Generally, good communication skills, people skills, and sales/marketing experience are the ingredients to success.

  1. Catering – Many people have found catering to be a very profitable self employment option. Some caterers can easily make in the neighborhood of $500 per night for an event. Obviously you must have a talent for the culinary arts or work with someone that has this talent, but this is a business that does not necessarily require any overhead. The upfront costs include: advertising expenses, cost of menus, supplies and food, and travel expenses. Because caterers are selling both a product and a service, their upfront expenses are lower than other businesses. Though no formal education is required, culinary training and/or experience is vital.

  1. Personal training, Pilates, yoga instructor, etc… – The health and fitness industry is in constant need of talented personal trainers/instructors. Most personal trainers are paid at least $15 an hour, but there is basically no overhead, supplies, or upfront costs needed. Experience, training, and licensing may be necessary but this is something that can be easily obtained. Promoting health and fitness can also be very gratifying which is a huge plus.